Filing for bankruptcy is rarely an easy decision for a Southaven resident to make. After consulting with an attorney, one's legal options can be clearer and a debtor may then be in a position to choose between Chapter 13 and Chapter 7 bankruptcy. Regardless of the type of personal bankruptcy, though, many debtors have questions regarding how easy it is to file and if they are eligible to move forward with the process.
More than a month after the New Year has arrived, many Mississippi residents are likely to be reassessing their New Year's resolutions. If one's goal was to become more financially secure, that goal -- like others, such as losing weight -- may have proven harder to achieve than originally thought. In fact, many state residents may be in need of significant debt relief, according to a new report.
While there are countless financial intricacies involved in individual bankruptcy, many people are aware that a bankruptcy comes off of a person's credit report after a period of seven to 10 years. Still, beyond that mark, few people are familiar with the dates by which debts are discharged under personal bankruptcy.
Two of the most common questions surrounding bankruptcy are whether or not a person should file in the first place and, if so, what type of bankruptcy he or she should declare. One extremely important consideration when it comes to personal bankruptcy in Mississippi is the matter of timing. There are countless other factors, of course, that should go into such a serious decision. Nevertheless, the timing of debt repayment and the filing itself is of the utmost importance in answering bankruptcy-related questions.
With the U.S. fast becoming home to an aging population, many Mississippians are likely wondering how to deal with financial situations involving debt, bankruptcy and inheritance. Recently, the U.S. Supreme Court issued a unanimous verdict on the subject of Individual Retirement Accounts and personal bankruptcy.
Politics in Mississippi are rarely boring. From the state level to local races, there are frequently colorful debates and interesting personalities to watch. Nowadays, it's not unexpected for some races to become so heated that accusations fly back and forth, many of them covered extensively by the media. In a current race going on in Canton, one candidate has accused two others of having filed Chapter 7 bankruptcy.
When faced with a problem, the solution is usually either to wipe out the cause of the problem or plan a new way of tackling the challenge. When it comes to personal bankruptcy, the options are very similar. A Mississippi resident faced with overwhelming debt has several means of getting back on his or her financial feet. Usually, the two main options are Chapter 7 bankruptcy or Chapter 13 bankruptcy.
It was recently revealed that over 190,000 jobs were likely added to the U.S. economy this past March. While that is probably very welcome news for some Mississippi residents, the job market still has a long way to go. Many residents are still struggling with unemployment or underemployment; in either case, that challenge can lead to one's struggling with debt as well.
As tax-filing season nears, many Mississippians are probably taking a closer look at their financial situation. What they may not realize is that a significant percentage of Americans consider filing for Chapter 7 bankruptcy to get debt relief because of their financial challenges.
As 2013 comes to a close and we ring in the new year of 2014, many of us reflect on the happenings of the closing year. Many big events are recalled from our memories, including the famous Chapter 7 bankruptcies of 2013.